Three-Unit Masonry
For Sale
$550,000
211 S 45TH Street, Philadelphia, PA 19104
Multi-Family, PHILADELPHIA, PA
Property Size2,474 SF
Lot Size0.05 Acres
Price / SF$222.31
Days on Market93
Property Features for 211 S 45TH Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking features
On Street
Appliances
Dryer, Washer
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,474 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
8831
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1935
Number of units
3
Building materials
Masonry
Architectural style
Other
Listing Agency:
Mallin Panchelli Nadel Realty Inc
(215) 413-4900
Listed By:
Nadia T Bilynsky · License #RS311101
(267) 546-1718
Added: Jul 2
Changed: Sep 4
Last Checked: Oct 2 at 3:06AM
MLS# PAPH2643642
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,474-square-foot triplex contains three self-contained residences: two two-bedroom, one-bath units and one three-bedroom, two-bath unit. The masonry property was built in 1935 and has received repairs and upgrades over time. Central air, forced-air heating, and washer and dryer appliances are included, with on-street parking available.
The property is located in Philadelphia’s Spruce Hill section of University City. A rental license is currently in place for 2 units, while the building contains 3 units. The seller also owns other nearby properties and may offer them together as a package.
The property is located in Philadelphia’s Spruce Hill section of University City. A rental license is currently in place for 2 units, while the building contains 3 units. The seller also owns other nearby properties and may offer them together as a package.
Key Highlights
- Three‑unit triplex with two 2‑bed/1‑bath units and one 3‑bed/2‑bath unit
- 2,474 square feet on a 0.0467‑acre lot
- Masonry construction; built in 1935
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$42,219
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.68%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$844,380
$844.4K
Cap Rate 7%
$603,129
$603.1K
Cap Rate 9%
$469,100
$469.1K
Market Conditions
NOI Build-Up for 2,474 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$63.8K $25.80/SF
− Vacancy
−$3.5K −$1.42/SF
EGI
$60.3K $24.38/SF
− OpEx
−$18.1K −$7.31/SF
NOI
$42.2K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$844,380
Cap Rate 7%
$603,129
Cap Rate 9%
$469,100
Alternative Uses
Best Use
Multifamily LT 5
$603.1K
$527.7K – $703.7K
NOI $42,219 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$555.9K
$486.4K – $648.6K
NOI $38,915 @ 7.0% cap · market cap 7.08%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,527
Businesses Nearby
Explore this area
Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Self-contained unit layouts with central air, forced-air heat, and in-unit laundry appliances.
Where is this triplex located?
The property is located at 211 S 45TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three‑unit triplex with two 2‑bed/1‑bath units and one 3‑bed/2‑bath unit; 2,474 square feet on a 0.0467‑acre lot; Masonry construction; built in 1935
